GSK GSK plc

By Carlo Martuscelli and Ian Walker

GlaxoSmithKline PLC (GSK.LN) on Wednesday raised its 2019 adjusted earnings-per-share guidance as it reported a doubled profit before tax for the second quarter.

The British pharmaceutical company said that pretax profit for the quarter was 1.26 billion pounds ($1.58 billion), up from GBP614 million the year before. Turnover rose 6.8% to GBP7.81 billion, beating analysts' expectations of GBP7.59 billion, according to a FactSet consensus estimate.

Adjusted earnings per share--a metric closely watched by analysts--totaled 30.5 pence, ahead of market expectations of 25.18 pence.

Glaxo said it expects to report adjusted EPS of minus 3% to minus 5% for the year at constant exchange rates, compared with its previous guidance of minus 5% to minus 9%.

Net profit for the quarter was GBP964 million, compared with GBP441 million for the second quarter of 2018.

The drugmaker said that its consumer health-care joint venture with Pfizer Inc. (PFE) is expected to complete shortly. Glaxo had expected the deal to complete in the second half of the year.

The board has maintained its dividend at 19 pence a share and backed guidance for a 80 pence a share full-year payout.

Earlier Wednesday, Glaxo announced that Jonathan Symonds, currently deputy chairman of HSBC Holdings PLC (HSBA.LN), will succeed Philip Hampton as nonexecutive chairman with effect from Sept. 1.

Shares at 1115 GMT were up 34.2 pence, or 2.1%, at 1694.8 pence.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com and Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

July 24, 2019 07:39 ET (11:39 GMT)

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